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10 minute read

UNLEASH THE FULL POTENTIAL OF MARKETING IN 2023 FOR YOUR CBD BUSINESS

The popularity of cannabidiol (CBD) has been on the rise in recent years. It has been embraced by people who are looking for natural ways to improve their well-being. CBD companies have noticed the trend and are offering a variety of CBD products to match consumer demand. However, marketing CBD can be a challenge because of advertising restrictions. But we know marketing is a holistic approach that goes beyond just paid advertising. It involves everything from A-Z. Businesses can effectively reach their target audience, despite restrictions, using organic strategies such as email marketing, affiliate marketing, user-generated content, and programmatic advertising. By the end of this blog, you should have a clearer understanding of how to utilize these strategies.

HOW TO LEVERAGE CONTENT TO POWER YOUR BUSINESS

Content marketing is a valuable tool for CBD companies to bypass advertising restrictions and connect with their target audience. By creating valuable and informative content, companies can establish themselves as industry experts and build a loyal customer base. Some of the ways CBD companies can leverage content marketing include:

UTILIZE BLOG POSTS TO EDUCATE YOUR AUDIENCE

CBD companies can create blog posts on their websites to educate their audience on the benefits of CBD and how to improve their overall well-being. This is a great way to establish themselves as experts in the industry and build trust with their customers.

USE SOCIAL MEDIA TO CREATE INFORMATIVE VIDEOS

Companies can use social media to create informative videos and brief interviews with satisfied customers. This is a great way to showcase the benefits of their products and build trust with their target audience.

LEVERAGE USER-GENERATED CONTENT

CBD companies can leverage user-generated content (UGC) to showcase their products on social media and their website. UGC involves sending products to creators who create high-quality photos that the brand can use. This approach is relatively cost-effective and can be done through platforms like Collabstr, where creators can be filtered by their country and the type of profile they have. Choose the right creator. The one that fits your values!

CREATE PODCASTS

Podcasts are a popular form of audio content for CBD companies looking to delve deeper into CBD-related topics and expand their knowledge and understanding. They are also a great way to showcase the benefits of CBD and build trust with the target audience. Or you can make a topic on well-being, anxiety and stress and then showcase CBD as the solution.

BOOST BRAND AWARENESS WITH CBD INFLUENCER MARKETING

Influencer marketing is a powerful tool for CBD companies to reach their target audience. By partnering with influencers who have a large social media following, companies can promote their products to a specific audience. Here are some helpful friendly guidelines to help you start off the right way.

PARTNER WITH THE RIGHT INFLUENCER

It’s important to find the right influencers for success. Start searching for them by what they promote like anxiety, well-being, mental health, or natural products. Focus on a maximum of three niches at the start. Once you have a list of potential partners, trust your instincts to choose the best fit. Reach out to a few and see if you connect. If it works out, great! If not, don’t worry, there are plenty of other influencers out there.

UTILIZE MICRO-INFLUENCERS

While partnering with macro-influencers with large followings can be effective, utilizing micro-influencers can also be a game-changer. Micro-influencers typically have smaller followings but tend to have a highly engaged audience that trusts their recommendations. “Topics such as anxiety, stress, and depression tend to be better received by a smaller audience as they are still considered taboo to discuss openly. Working with a few micro-influencers can provide a more targeted and cost-effective approach to influencer marketing, making it a valuable strategy for CBD companies looking to boost brand awareness.

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LOW RISK HIGH REWARD: WHY AFFILIATE MARKETING IS A SMART CHOICE FOR CBD BUSINESS

Are you a CBD business owner or an entrepreneur diving into CBD business looking for a cost-effective and low-risk marketing strategy? Look no further than affiliate marketing. With its “pay-for-performance” model, affiliate marketing allows businesses to only pay a commission when a sale is made through an affiliate’s referral link. This means no upfront cost is necessary, hence it is risk-free. In this blog post, we’ll explore the benefits of affiliate marketing and how to set up a winning campaign.

BENEFITS OF THE AFFILIATE MARKETING

One of the most significant advantages of affiliate marketing is its low-risk, high-reward nature. Unlike traditional advertising methods where businesses pay upfront for ads that may or may not lead to sales, affiliate marketing only requires businesses to pay when a sale is made through an affiliate’s referral link. This means that businesses only spend money on marketing that directly results in revenue.

Another advantage of affiliate marketing is the ability to reach a wider audience. Affiliates have their platforms, such as websites, blogs, or social media accounts, where they promote CBD products to their followers who are interested in health and wellness. By partnering with the right affiliates, CBD businesses can tap into a new customer base that they may not have reached through traditional advertising methods.

SETTING UP A WINNING AFFILIATE CAMPAIGN

To set up a winning affiliate campaign, a business needs to select the right affiliate network that aligns with its needs and goals. Popular affiliate networks include Commission Junction, ShareASale, and Amazon Associates. Once you select the network, businesses need to create an affiliate program that outlines the specifics of the program, including commission rates, promotional materials, and other necessary details. Negotiate for the smallest commission rate possible.

EMAIL MARKETING: A STRATEGY YOU CAN’T SLEEP ON

Email marketing remains a valuable tool for businesses looking to establish or maintain a strong connection with their customers. With over 300 billion emails exchanged daily, it’s evident that email marketing is far from outdated. The initial task on your checklist should be collecting email addresses. A prevalent method to achieve this is by featuring a pop-up on your website, where individuals can sign up and receive, for example, a 10% discount in return.

SEGMENTATION STRATEGIES

Once you have collected email addresses, segmentation is the next step. Segmenting your email list based on interests, purchase history, engagement, demographics, and behavior is a powerful strategy to personalize your email content, increase engagement, and drive conversions.

1. Interests and preferences:

Try to identify what your subscribers are interested in, you can tailor your messaging and promotions to match their preferences. For example, if you run a CBD business, you could segment your list into groups such as pain relief, anxiety relief, or sleep improvement. This allows you to send targeted emails that focus on the specific benefits of your products for each group, increasing the chances of conversion.

2. Purchase history:

By grouping your subscribers based on their previous purchases, you can send relevant product recommendations, cross-sell and upsell opportunities, and loyalty rewards. This strategy helps you personalize your email content and increase customer loyalty.

3. Engagement

By dividing your subscribers into groups based on their engagement with your emails, you can send different messaging and promotions to each group. For instance, if a subscriber consistently opens and clicks on your emails, they are likely more interested in your products, and you can offer them exclusive promotions or early access to new products.

4. Demographics

Group your subscribers based on factors such as age, gender, location, and income, you can create personalized content that resonates with each group. For example, if you run a CBD business that targets seniors, you can send emails that focus on the benefits of CBD for aging-related conditions such as arthritis or chronic pain. Individuals who are in the prime of their careers with high incomes are likely experiencing high levels of stress in their jobs. By leveraging this information, you can create targeted marketing strategies to help them ease that stress, providing a win-win situation for both your business and your customers.

5. Behavior

By analyzing your subscribers’ behavior on your website or social media channels, you can create targeted messaging and promotions that encourage them to take the desired action. For instance, if a subscriber has visited your website but hasn’t made a purchase, you can send them a discount code to incentivize them to make a purchase.

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UNLOCK THE POWER OF PROGRAMMATIC ADVERTISING: REACH YOUR TARGET AUDIENCE WITH DATA-DRIVEN PRECISION

Due to strict regulations and the niche nature of the market, it can be difficult to effectively target the right audience and achieve a high return on investment. That’s where programmatic advertising comes in as an essential tool for CBD marketers.

Programmatic advertising is a data-driven approach that allows marketers to place ads on high-traffic mainstream sites such as HuffPost, Newsweek, BBC, Le Monde, and others. This provides CBD businesses with an opportunity to reach a larger digital audience and overcome the challenge of targeting a specific demographic. By utilizing a data-driven platform (TradeDesk), businesses can gain valuable insights into the performance of their campaigns such as:

1. Viewability

 This metric measures how much of an ad was viewed by users. Programmatic advertising platforms can track viewability and help advertisers optimize their campaigns for better viewability rates.

2. Engagement:

This metric measures how users interact with an ad, such as clicking on it, watching a video, or sharing it on social media. Programmatic advertising can provide insights into engagement rates, helping advertisers understand how their audience is interacting with their ads.

3. Frequency

This metric measures how many times an ad is displayed to a user. Programmatic advertising can help advertisers optimize frequency by showing ads only to users who are most likely to engage with them. 

4. Conversion rate

 This metric measures the percentage of users who complete a desired action, such as making a purchase or filling out a form. Programmatic advertising can track conversion rates and help advertisers optimize their campaigns for better conversion rates.

5. Cost per acquisition (CPA)

This metric measures the cost of acquiring a new customer. Programmatic advertising can help advertisers optimize their campaigns for better CPA by targeting users who are most likely to convert at the lowest cost.

One of the key benefits of programmatic advertising is its ability to target specific demographics and interests, ensuring that ads are shown only to relevant audiences. This is particularly important for cannabis businesses, as they are required by law to target only adults over the age of 18. By using detailed targeting options, marketers can reach their desired audience and maximize their return on investment.

HOW CONNECTED TV IS REDEFINING THE INDUSTRY

BENEFITS OF CTV ADVERTISING

With more and more consumers cutting the cord and turning to streaming services, CTV has become an indispensable platform for businesses to reach audiences in their own homes. And the benefits are numerous. One of the key advantages of CTV is its ability to deliver ads in a less intrusive and more engaging way. 

TAILORED AND INTERACTIVE ADS

When you’re watching traditional TV, you’re likely to tune out during commercial breaks or fast-forward through them if you’re watching recorded content. However, CTV ads can be tailored to match the content being viewed and can even be interactive, allowing viewers to engage with brands in a more meaningful way. Consider a scenario where you are watching a cooking show, and a targeted advertisement appears showcasing a kitchen appliance. By utilizing CTV, the advertisement can feature a recipe for a dish recently presented on the show or provide an exclusive offer on the appliance. This approach not only captures the audience’s attention but also delivers something worthwhile, enhancing the chances of brand recall and increasing the likelihood of a purchase.

POPULAR CTV DEVICES

There are several popular CTV devices that businesses can use to reach their target audiences. One of the most popular devices is Roku, which has over 50 million active accounts. Advertisers can use Roku’s advertising platform to reach audiences across its channels, including The Roku Channel. Amazon Fire TV is another popular device with over 40 million active users. Advertisers can reach these viewers through Amazon’s programmatic advertising platform, Amazon DSP.

In conclusion, the CBD industry has tremendous potential for growth in 2023. By leveraging content, user-generated content, influencers, affiliate marketing, and email marketing, CBD businesses can overcome advertising restrictions, reach their target audience, and build a loyal customer base. Creating valuable and informative content, partnering with the right influencers, selecting the appropriate affiliate network, and personalizing email content are all crucial steps to take. With these strategies, CBD businesses can effectively promote their products and build their brand, while also contributing to the growing mental health and wellness market. The future looks bright for CBD marketing, and businesses that embrace these strategies can unlock their full potential in 2023 and beyond.

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